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Iraq's Kurdistan region says it has suffered heavy losses in the US-Iran war, with commercial activity down 70% and over 1,000 missile and drone attacks. The KRG estimates damage at $1.14 billion and warns the economic toll could worsen if the conflict expands.
The United States has joined Japan in foreign exchange intervention after the BOJ signaled a possible rate hike in September, according to Kyodo News. This rare coordinated move aims to stabilize the yen amid depreciation pressure against the dollar.
After more than a year of renting 15 hectares of warehouse space near Ho Chi Minh City to test Vietnam as a major export hub, fast-fashion giant Shein has reportedly shifted its focus back to China due to lackluster outcomes. The decision highlights Vietnam's challenges in building a complete supply ecosystem for ultra-fast fashion, despite its labor cost and geographic advantages.
Mohsen Rezaei, a senior Iranian official, has outlined a strategic approach to protect national interests, emphasizing economic diversification, domestic unity, and stronger regional diplomacy. His remarks come as Iran navigates regional tensions and international sanctions.
Iranian President Masoud Pezeshkian has called for increased investment in new technologies to drive economic growth and reduce dependence on oil. He emphasized the need for a favorable legal environment, support for start-ups, and stronger university-business collaboration.
Iranian President Masoud Pezeshkian met with Supreme Leader Ayatollah Ali Khamenei in Tehran on October 14 to discuss economic, political, and international challenges. The talks covered domestic policies, regional security, and efforts to strengthen national unity.
Trade at Iran's Bazargan border crossing has surged, with exports up 29% to $1.1 billion in the first five months of the Iranian year. Imports also rose 15%, and transit activity increased 22%, highlighting the crossing's key role in regional trade.
Iran has turned control over the Strait of Hormuz into a powerful economic weapon against the US and Israel, with shipping traffic down about 96% from normal levels, but the tool has clear limits. Prolonged use could hurt Iran's own economy, push Asian partners away, and accelerate investments that reduce global dependence on the strait.
Japan's calorie-based food self-sufficiency rate fell to a record low of 37% in the fiscal year ending in March, the first decline in five years. The drop was driven by adverse weather affecting wheat, soybean, and other crop production. The government aims to raise the rate to 45% by 2030, but faces considerable challenges.
